Rio Tinto Ltd
RIO: XASX (AUS)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
A$685.00 | Ctd | Cpfmwrggc |
Rio Tinto: Iron Ore Key and Sales Still Solid for Now
No-moat Rio Tinto’s 2023 third-quarter sales met our expectations. Its share of shipments from its Pilbara iron ore operations, the main driver of earnings, was roughly 72 million metric tons, 3% above the same quarter of 2022 and 8% higher than the previous quarter. Rio is on track to meet our forecast for 2023 Pilbara iron ore sales of roughly 280 million metric tons (its share), around 4% above last year. We reiterate our forecast for 2023 unit cash costs in the Pilbara of roughly USD 22 per metric ton, modestly up on 2022.